<p>Investment firm Elwood Asset Management, owned by billionaire hedge fund manager Alan Howard, is planning to launch a $1 billion venture that will invest in cryptocurrency hedge funds.</p> <p>Elwood CEO Bin Ren <a href="https://www.ft.com/content/733e9b6c-ca68-11e9-af46-b09e8bfe60c0">told</a> The Financial Times Friday that the new venture aims to help investors select quality funds. “I see this as a very big growth opportunity.”</p> <p>While details of the venture are not yet finalized, it could allow investors to consider factors such as risk appetite, expected returns and liquidity requirements. Accordingly, investors will be presented with a portfolio of funds to invest in, per the report.</p> <p><a href="https://www.theblockcrypto.com/2019/06/10/crypto-fund-to-host-competition-in-search-of-top-bitcoin-analysts-as-investors-see-resurgence/">Elwood</a> has been screening crypto hedge funds and has identified up to 50 that “probably satisfy [its] due diligence”. The firm would charge a fee for the service, on top of the fees investors pay to access the underlying funds, per the report.</p> <p>Earlier this year, Elwood also <a href="https://www.theblockcrypto.com/tiny/invesco-blockchain-etf-starts-trading-on-london-stock-exchange/">launched</a> a blockchain exchange-traded fund (ETF), in an association with investment management firm Invesco, on the London Stock Exchange.</p>